EXPERIENCE OUR EXPERTISE ABOUT  YES BANK is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers  YES BANK operates its Investment Banking, Merchant Banking & Brokerage businesses through YES Securities (India) Limited and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank  Headquartered in Mumbai, it has a pan-India presence across all 28 States and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi

ABOUT YES SECURITIES  Wholly owned subsidiary of YES BANK Ltd. with a clear vision of being a preferred wealth adviser for YES BANK customers  SEBI registered Investment Adviser with in-house team of multi asset product specialists, manufacturing tailor-made wealth & advisory products that are widely distributed through YES BANK  Registered securities broker with Securities and Exchange Board of India (SEBI)  Member of National Stock Exchange (NSE), (BSE), (MCX) and National Commodity & Derivatives Exchange (NCDEX)  SEBI registered Category 1 Merchant Banker, Research Analyst

yesinvest.in YES SECURITIES - BUSINESSES

Investment Merchant Banking Banking

Investment Institutional Advisory & Equities Wealth Broking & Research

yesinvest.in MANAGEMENT & LEADERSHIP TEAM

Prasanth Prabhakaran, Joint MD and CEO Over two and a half decades of experience in the BFSI space. Served as the Head of PMS & Retail Broking for IIFL Holdings Ltd. Was associated with Kotak Securities for over 12 years at various key management positions. He has also been associated with HDFC Bank & Kotak Mahindra Bank.

Vikas Dawra, Joint MD & CEO Vikas has over two decades of extensive deal making experience. He has led several large complex domestic and cross border Merger & Acquisition and Private Equity syndication transactions across multiple geographies and industries. Vikas was part of initial team that helped setup YES Bank’s investment banking business in June 2004 and has since then worked in various leadership roles within the Investment Bank. Prior to joining YES BANK, he has worked with Rabo India and Arthur Andersen in their Investment Banking divisions.

Amishi Kapadia, Global Head – Merchant Banking Over two decades of experience in Capital Markets in India. She has successfully managed to raise equity for various corporates in both private and public sector through 80+ transactions, mobilizing close to INR 1,500 billion. Prior to joining YES SECURITIES, she has worked with marquee institutions like SBI Capital Markets, Kotak Mahindra Group, Bennett & Coleman & Co. and HDFC Bank. Amishi heads the Merchant Banking vertical and oversees Equity Capital Markets and Debt Capital Markets (public issuances) related transactions.

yesinvest.in Anshul Arzare, Business Head – Investment Advisory & Wealth Broking With over 18 years in the BFSI space, Anshul looks after Pan India Business & Relationship Development. Prior to joining YES SECURITIES, he was associated with SBICAP Securities, and has worked with and ICICI Bank.

Gopinath Natarajan, Product Head – Investment Advisory & Wealth Broking With over two decades of experience in BFSI space, Gopinath spearheads the Investment Advisory & Wealth Product Management. Prior to joining YES SECURITIES, he was associated with IIFL and donned many hats across various leadership positions from Asset Management to Advisory. He has also worked with Kotak Securities in the retail broking business.

Amar Ambani, Head of Research - Institutional Equities He is in-charge of strengthening the Institutional Equities franchise, as well as boosting the firm's market access and procurement capabilities. He was previously associated as Partner and Head of Research at IIFL. He brings a ground-level understanding of businesses, having been directly involved in several pivotal projects, digital initiatives and team building, in his career. Besides being an MBA in Finance, he is also certified in Business Process Re-engineering. Amar has 16 years of capital market experience.

yesinvest.in AWARDS & ACCOLADES

Winner Winner ‘Best Indian ‘Investment Investment Bank of Bank’ Year’ 2018 Winner ‘Equities IPO’ 2016 2015

Rank 9 in SKOCH FY 2019 by AWARD 2018 #9 Number of MARKET GOLD IPOs for IPO – New India Assurance

Source: PRIME Database 53rd SKOCH Summit Bank of the Year (India) 2013, 2014

ISO CERTIFICATIONS

yesinvest.in RESEARCH @ YES SECURITIES

The Research team at YES Cash ows SECURITIES has rich and varied industry experience in serving diverse client segments, across platforms. Sustainable Management Team consists of award-winning Growth Quality analysts and provides insightful views on all major asset classes. Our coverage universe of 175 stocks, accounts for more than 50% of Consistent India’s listed market capitalisation success is result and especially well-recognised for of well-defined ability to spot multi-baggers, process contra-to-market ideas in large caps and adherence to and deep corporate relationships. research Besides fundamental capabilities, the principles team has proven expertise in technical and derivative analysis as well. Return on Valuation Capital Employed Comfort

Leverage & Risk yesinvest.in YES SECURITIES - SAMPLE REPORTS

yesinvest.in YES SECURITIES - MEDIA

yesinvest.in INVESTMENT ADVISORY & WEALTH BROKING

INVESTMENT SOLUTIONS ACROSS ASSET CLASSES CATERING TO VARIED CLIENT NEEDS

yesinvest.in INNOVATIVE MULTI ASSET PRODUCT SUITE

Equity, Commodities & Currency Portfolio Business Investment Alliances Advisory

NRI Holistic suite of PCG Services Wealth & Financial Research Solutions

Fixed Institutional Income Equities & Investment Research Advisory Distribution Services*

*YES SECURITIES is a distributor for third party products. yesinvest.in INVESTMENT APPROACH

An array of innovative online tools and quick access to market information makes YES SECURITIES preferred wealth partner for everyone, be it market novices, seasoned professional traders, HNI, Ultra HNI, Family offices or Corporates.

INVESTMENT APPROACH

INDEPENDENT INVESTMENT INVESTING ADVISORY

yesinvest.in INDEPENDENT INVESTING: Advanced online platform for superior investing experience

Salient Features:  Seamless 3-in-1* experience  Stock Health Score  Portfolio Analysis  Research on stocks  Option to buy/sell/add to watchlist  Summary & segment-wise card  Quick Order Placement  Corporate Announcements  Quick Stock Quotes

*3-in-1 means: Savings & Demat a/c from YES BANK Ltd. and Trading a/c from YES Securities (India) Ltd. yesinvest.in INDEPENDENT INVESTING: Technologically advanced in-built features

Unique Features:  Robo Advisory# • Systematic Investments • Goal-based Investing • Portfolio Optimization & Re-balancing  Algorithmic Trading# • Multiple strategy execution • Chart based trading  Thematic Baskets • Thematic basket of 5 stocks to generate superior returns  Bots# • New age customer service & order placing tool • Co-browse facility to view and assist

#Mentioned products are under development and will be offered post launch yesinvest.in PORTFOLIO INVESTMENT ADVISORY (PIA)

Portfolio Investment Advisory (PIA) is a specialised service aimed to provide Investment Advisory to investors with an objective to offer a well-diversified multi-asset investment approach for long term wealth creation across Equity, Debt and Multiple Structured Instruments.

Salient features:  Direct access to research and expert investment advisers  Well-designed model portfolio aligned to investor’s goals, to help generate attractive returns & minimize risks  Offers advise across Stocks, Bonds, Debentures & Structured Products etc.  Dedicated in-house Execution Desk

PIA offerings:  SELECTUS  NIFTY+  WEALTH ENHANCER  PIA MULTIPLIER  MULTI ADVISER MULTI STRATEGY PORTFOLIO  MUTUAL FUND ADVISORY  DEBT ADVISORY

yesinvest.in GLOBAL INDIAN BANKING (NRI SERVICES)

YES SECURITIES offers excellent 4-in-1 account experience to our NRI clients and enables them to invest seamlessly in Indian equities market. 4-in-1 Account offers YES BANK PIS, Savings & Demat Account and YES SECURITIES Investment Account. Salient 4-in-1 features:

Seamless Earn 6%* interest 360 degree view Facility to place transactions between on your savings & device wide after market all accounts account access orders

Transactions Competitive Researched reported to RBI Brokerage rates backed Advisory

*Interest rate of 5% p.a. is applicable for balances of upto INR 1 Lakh, 6% p.a. for balances between INR 1 Lakh upto INR 1 Crore & 6.25% p.a. for balances above INR 1 Crore. Rates are subject to change at sole discretion of the Bank yesinvest.in DISTRIBUTION SERVICES

YES SECURITIES, through it’s extensive reach & expertise, offers a wide array of third party products to its valued clients. These offerings include:  Initial Public Offering (IPO)  Mutual Funds (MF)  Non-Convertible Debentures (NCD)  Offer for Sale (OFS)  Bonds

FINANCIAL MARKET PLACE (FMP)

YES SECURITIES Financial Market Place (FMP) is one-of-its-kind business proposition that enables turning ones entre- preneurial dreams into reality through Authorized Person (AP) channel. Financial enthusiasts, independent advisors, corporate professionals etc. can now become business associate with YES SECURITIES and offer gamut of innovative financial services to their friends, peers, social contacts or clients: Salient features:  Dedicated Product Support  Research backed Advisory services  Advanced Trading Platforms (Desktop, Mobile, Tablet)  Robust Risk Management System  Marketing Support for business development  Regular Training & Workshops  Timely Business Reporting  Competitive Revenue Sharing Structure

yesinvest.in INSTITUTIONAL EQUITIES

Specialized institutional research, service excellence & extraordinary execution capabilities that define Institutional Broking business at YES SECURITIES. With a dedicated institutional sales, trading & experienced research team and a focus on understanding client’s specific objective, we provide strategic inputs, service and seamless execution of every transaction. Our clientele includes some of India’s leading Life and General Insurance companies, Asset Management Companies, Financial Institutions etc.

Why YES Securities Institutional Broking  Bulk/Block placements • Mcleod Russel: INR 2 Billion | Dish TV: INR 7 Billion | Inox Leisure: INR 960 Million

 Assistance in getting listed entities researched • Comprehensive research can be initiated right from meeting with company management to road show/ conference calls for institutional clients

 Road shows • Strong capability to execute multiple Road Shows of any scale and industry • Successfully conducted road shows for companies from Pharma Consulting, Real Estate Consulting, Capital Goods, Infrastructure, Cement, Textile, NBFC sectors

yesinvest.in INVESTMENT BANKING

yesinvest.in FOCUSED EXPERTISE FOR LEADING CORPORATES

Knowledge driven approach with Unparalleled track record of 350+ successful complete coverage of various sub deal closures including cross border deals in sectors and respective value chains 15+ countries over the past 15 years

Dedicated team of 30 members in Mumbai & Delhi with extensive experience and relationship capital

Preferred investment bank for Global connect with investors & leading corporates with repeat buyers through our strong bank successful transactions relationships and partner network

yesinvest.in PRODUCT OFFERINGS ‘Trusted Advisor’ – working at every step of the capital life cycle

Private Equity Restructuring M & A Capital Markets Fund Raising for Liquidity

 Sell & Buy side  Financial Sponsor  IPOs & QIPs  Capital advisory Coverage  Open Offer Restructuring  Joint Ventures  Venture & Growth  Rights Issue  Spin-offs followed  Cross-border capital  Buy Backs by liquidity event  acquisitions Structured /  Delistings  Inbound Investment convertible products advice  Mezz Financings  Domestic M&A  Structured Auction Transactions

Innovation in structuring of M&A and Financings

yesinvest.in YES SECURITIES: INVESTMENT BANKING Extensive Global Reach through Network of Partner Banks

MITSUBISHI UFJ OAKLINS HARRIS WILLIAMS & CO NORDEA E. J. MCKAY FINANCIAL GROUP  Global advisory firm providing  Leading mid-market Invest-  Largest financial services firm  One of the most trusted and  One of the world's largest and M&A, growth equity and ECM, ment Bank in USA in Northern Europe with total experienced independent most diversified financial groups debt advisory and corporate  Closed 200+ M&A transactions assets of US$ 850 bn investment banks in China  Specialized team for Corporate finance advisory services  Owned by PNC Bank, the 6th  The Investment Banking team  Advised on some of the most and Investment Banking which  Dedicated experts covering 15 largest US bank with assets of at Nordea has coverage across significant & innovative transac- includes structured finance and industries in 40 countries with US$ 275+ bn key clients across industries in tions connected with China asset finance 1,500+ closed deals the Nordic region

(Global Coverage) (Nordic Region) (China)

(Japan) (USA, Europe) (Israel) (USA Team) (Europe Team) (Hong Kong)

(Japan)

WELLS FARGO POALIM CAPITAL MARKETS SOMERLEY FRONTIER MANAGEMENT INC

 Largest US bank by market capitali-  Israel’s leading investment bank  Based out of Hong Kong and offices in  Range of solutions in management sation with dedicated US and UK providing a full range of global products Beijing, Shanghai and Australia consulting, corporate restructuring, Investment Banking teams and services  Large financial services group with M&As, and other areas of corporate  Dedicated healthcare practice with  Investment bank of choice for foreign 25+ years of experience in Investment reorganization relationships with all major pharma corporations and PE funds seeking Banking advisory  Also provides professional services for companies investment opportunities in Israel cross-border M&A

yesinvest.in INDUSTRY VERTICALS: Strong Sector Knowledge & Successful Deal Closures

Food & Agri and Consumer Sustainable Investment Banking Media



BFSI Technology & Internet Education

Manufacturing & Industrials Infrastructure Retail & Logistics

Chemicals Healthcare, Pharma & Lifesciences Real Estate & Hospitality

yesinvest.in REPRESENTATIVE TRANSACTIONS: M&A and PE

Private Equity M & A

Massive Restaurants Signature Global Spandana Sphoorty India Property Carnival Films Pvt Ltd Kiran Energy Pvt Ltd & Everstone Financial Ltd Structured Fund Raise Exclusive advisor for Exclusive Advisor to Carnival Sale of 85 MW portfolio Capital from KKR Asset Finance Advisor to SSFL for invest- 100% acquisition by Quikr Films for acquisition of Private Equity fund raise INR 8,500 Mn INR 2,000 Mn ment by Kedaara Capital US$ 10 Mn multiplex screens of from Gaja Capital INR 6,140 Mn E-Square Cinemas INR 1,600 Mn INR 1,150 Mn

Atria Power Patil Rail Jain Irrigation Travel News Services Videocon D2H Bhilwara Energy Ltd NCD Infrastructure Pvt Ltd Systems Limited (India) Pvt Ltd Lead Advisor to Videocon Sale of 69.5 MW wind Exclusive advisor to TNSI INR 7,000 Mn Fund raising from Private equity fund raising d2h on its merger with assets to Hero Future Olympus Capital Asia from Mandala Capital for sale of 100% equity Dish TV Energies stake to Future Retail Ltd INR 1,250 Mn INR 120 Mn US$ 2.7 Bn Undisclosed INR1,000 Mn

Ecozen Solutions Smaaash Adlabs Future Retail Limited Cinepolis, Mexico Travel Food Services Pvt Ltd Entertainment Pvt Ltd Entertainment Ltd Exclusive advisor to Future Advisor to Cinepolis on Pvt Ltd Venture capital fund raise Private equity fund raising Private equity fund raising Retail on acquisition of retail, acquisition of select Private equity fund raising from Omnivore Partners & from Fidelis World from ICICI Venture agri-sourcing & bakery screens of DT Cinemas from ICICI Venture Caspian Impact Investments Undisclosed INR 1,440 Mn businesses of Heritage Foods INR 637 Mn INR 1,440 Mn Undisclosed Undisclosed

Strong network of domestic and global investors makes us the Expert sector knowledge coupled with access to top Indian Investment Bank of choice for PE transactions corporate houses make us the leaders in M&A

yesinvest.in MERCHANT BANKING

yesinvest.in THE BANKER OF CHOICE for Indian Corporates

INR BN + 500 21DEALS Mobilized since JAN 2017 Completed across Equity, Debt & Advisory

INR BN + 400 RANKED9th Fundraise pipeline across by number of IPOs in FY2019 28 Equity & Advisory Deals (source: PRIME Database)

yesinvest.in CAPITAL LIFECYCLE STRATEGY: Comprehensive Product Portfolio

‘Trusted Adviser’ Working At Every Step Of The Capital Life Cycle Of Our Clients

Traditional Equity & Debt Products Customized Advisory Products

IPO Open Offer

FPO / OFS Buyback

QIP Scheme of Arrangement

Rights Issue ESOP/ESPS

NCDs Delisting

Diversified Product Offerings To Enable Engagement Across Clients’ Capital Markets Fundraise Requirements

yesinvest.in COMPLETED TRANSACTIONS: EQUITY Raised INR 500+ Bn since January, 2017

Private Transactions PSU Transactions

Polycab Lemon Tree Hotels Aster DM Healthcare Future Supply Chain Rail Vikas Nigam Ltd GRSE April 2019 March 2018 February 2018 Solutions April 2019 October 2018 BRLM to the IPO BRLM to the IPO BRLM to the IPO December 2017 Left Lead BRLM to the IPO BRLM to the IPO INR 13,452 Mn INR 10,387 Mn INR 9,801 Mn BRLM to the IPO INR 4,800 Mn INR 3,436 Mn INR 6,497 Mn

Reliance Nippon Life Dixon Technologies SIS CDSL Bharat Dynamics Union Bank Asset Management September 2017 July 2017 June 2017 March 2018 December 2017 November 2017 BRLM to the IPO BRLM to the IPO BRLM to the IPO BRLM to the IPO Lead Manager to QIP BRLM to the IPO INR 5,993 Mn INR 7,796 Mn INR 5,240 Mn INR 9,523 Mn INR 20,000 Mn INR 15,422 Mn

GTPL Sagar Cements New India Assurance NTPC June 2017 February 2017 November 2017 August 2017 BRLM to the IPO Lead Manager to QIP BRLM to the IPO Seller’s Broker – Tranche I OFS INR 4,848 Mn INR 1,728 Mn INR 95,858 Mn INR 91,921 Mn

Strong Capital Market Credentials Across Sectors & Products

yesinvest.in SELECT TRANSACTIONS: DEBT & ADVISORY Raised INR 500+ Bn since January, 2017

Advisory Transactions

Dish TV Hatsun Agro Product Olectra Greentech TATA Power Arvind Jenburkt July 2018 July 2018 March 2019 December 2018 March 2019 Pharmaceuticals Manager to Open Offer Sole Banker to Rights Manager to Open Offer Advisor - Scheme of Advisor - Scheme of December 2017 INR 37,014 Mn Issue INR 4,000 Mn Arrangement Arrangement Manager to Buyback INR 5,500 Mn INR 120 Mn

Public Issuances of Debt

Mahindra & Mahindra Aadhar Housing Indiabulls DHFL Financial Services Finance Commercial Credit May 2018 January 2019 September 2018 September 2018 MLM to NCD Issue MLM to NCD Issue MLM to NCD Issue MLM to NCD Issue INR 11,000 Mn INR 21,500 Mn INR 6,764 Mn INR 20,000 Mn

Strong Capital Market Credentials Across Sectors & Products

yesinvest.in ONGOING TRANSACTIONS Robust Fundraise Pipeline of INR ~400 Bn

Private Transactions PSU Transactions

Sterling and Reliance General Media Company Power T&D Punjab & Sind New India Wilson Solar Insurance BRLM to the IPO Company Bank Assurance BRLM to the IPO BRLM to the IPO INR 10,000 Mn Sole Banker to the IPO Advisor to QIP Seller’s Broker-OFS INR 45,000 Mn INR 18,000 Mn INR 2,000 Mn INR 5,000 Mn INR 35,000 Mn

Spandana Software Technology Entertainment Penna Cement General Insurance NTPC Sphoorty Financial Company Company BRLM to the IPO Corporation Seller’s Broker BRLM to the IPO BRLM to the IPO BRLM to the IPO INR 15,500 Mn Seller’s Broker-OFS -Tranche II OFS INR 19,000 Mn INR 4,000 Mn INR 5,000 Mn INR 55,000 Mn INR 45,000 Mn

Hinduja Leyland Bharat Hotels Lodha P.N. Gadgil & Sons IRCTC IREDA Finance BRLM to the IPO Developers BRLM to the IPO BRLM to the IPO BRLM to the IPO BRLM to the IPO INR 12,000 Mn BRLM to the IPO INR 5,000 Mn INR 4,000 Mn INR 6,500 Mn INR 11,000 Mn INR 50,000 Mn

Route Mobile Flemingo Travel G R Mazagon Dock Bharat Electronics BRLM to the IPO Retail Infraprojects Shipbuilders Limited INR 6,300 Mn BRLM to the IPO BRLM to the IPO BRLM to the IPO Seller’s Broker-OFS INR 25,000 Mn INR 18,550 Mn INR 8,500 Mn INR 10,000 Mn

Wide Range of Ongoing Mandates Across Sectors and Products

yesinvest.in VALUE ADD TO CLIENTS Strong Marketing Capabilities

Domestic Marketing

Reliance General Penna Cement NTPC IRCTC Bharat Dynamics Insurance BRLM to the IPO Seller’s Broker- BRLM to the IPO BRLM to the IPO BRLM to the IPO INR 15,500 Mn Tranche I OFS INR 4,000 Mn INR 9,523 Mn INR 18,000 Mn INR 91,921 Mn

International Marketing Non-Institutional Marketing / Retail Marketing

P.N. Gadgil & Sons GRSE Union Bank of India Penna Cement Rail Vikas Nigam Ltd GRSE BRLM to the IPO BRLM to the IPO Advisor to QIP BRLM to the IPO BRLM to the IPO BRLM to the IPO INR 5,000 Mn INR 3,436 Mn INR 20,000 Mn INR 15,500 Mn INR 4,800 Mn INR 3,436 Mn

Leading in Procurement (Select Recent Transactions): • Garden Reach Shipbuilders: Procured 100% of non LIC book amongst 2 investment banks • NTPC OFS: Procured >50% of non LIC book amongst 4 investment banks • New India Assurance IPO: Procured >50% of non LIC QIB book amongst 5 investment banks

yesinvest.in VALUE ADD TO CLIENTS Strong Regulatory Capital & Transaction Management

Left Lead Sole Banker

IREDA Rail Vikas Nigam Ltd Mazagon Dock Power T&D Company Hatsun Agro Product BRLM to the IPO BRLM to the IPO Shipbuilders Sole Banker to the IPO Sole Banker to the Rights INR 6,500 Mn INR 4,800 Mn Advisor to QIP INR 2,000 Mn Issue INR 8,500 Mn INR 5,500 Mn

Domestic Marketing

Reliance General Polycab Bharat Hotels Hinduja Leyland P.N. Gadgil & Sons Route Mobile Insurance BRLM to the IPO BRLM to the IPO Finance BRLM to the IPO BRLM to the IPO BRLM to the IPO INR 13,452 Mn INR 12,000 Mn BRLM to the IPO INR 5,000 Mn INR 6,300 Mn INR 18,000 Mn INR 11,000 Mn

Flemingo Travel CDSL GRSE Bharat Dynamics Future Supply Chain GTPL Retail BRLM to the IPO BRLM to the IPO BRLM to the IPO BRLM to the IPO BRLM to the IPO BRLM to the IPO INR 5,000 Mn INR 3,436 Mn INR 9,523 Mn INR 6,500 Mn INR 4,800 Mn INR 25,000 Mn

yesinvest.in DISCLAIMER

Investments in securities market are subject to market risks, read all the related documents carefully before investing. The Investment advice is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or redistributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of YSL. Investments in securities are subject to market risks and the investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile before investing. Investor should note that past performance is not necessarily a guide to future performance. Actual results may differ materially from those set forth in projections, if any. YSL, its Investment advisers, research analysts, directors, officers, employees and associates will accept no liabilities for any loss or damage of any kind arising out of the use of investment advice. Because of the possibility of human, technical or mechanical error through sources of transmission of Reports/Data, YSL does not guarantee the accuracy, adequacy, completeness or availability of any information and are not to be held responsible for any errors or omissions or for the results obtained from the use of such information’s

The Investment Advise is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject YSL or its affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction

The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reasons. Investors should note that each security's price or value may rise or fall and, accordingly, investors may even receive amounts which are less than originally invested. Opinions expressed are our current opinions as of the date appearing on this Investment Advise. Investor should understand that statements regarding future prospects may not materialize and are of general nature which may not be specifically suitable to any particular investor. No information or opinions expressed constitute an offer, or an invitation to make an offer, to buy or sell any derivative instruments related to such securities .Certain transactions - futures, options and other derivatives as well as securities - involve substantial risks and are not suitable for all investors. Investors may lose his/her entire investment under certain market conditions. Before acting on Investment advise, investors should consider whether it is suitable for their particular circumstances. The price and value of investments and the income from them may fluctuate. Foreign currencies denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment.

YSL and/or affiliates and its officers, directors, Investment advisers, Research analysts and employees shall not be in any way responsible for any direct, indirect, special or consequential damages that may arise to any person including the client from any Investment Advise nor do they take guarantee or assume liability for any omissions of the information contained therein. Investment Advise, Information contained therein cannot be the basis for any claim, demand or cause of action. The user should read the Rights and Obligation Document for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets.

YES Securities (India) Limited Registered Address: Unit No. 602 A, 6th Floor, Tower 1 & 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013, Maharashtra, India | Contact Details: +91-22-71123123 | Website: www.yesinvest.in | Email: [email protected] | Registration Nos.: CIN: U74992MH2013PLC240971 | SEBI Single Registration No.: NSE, BSE, MCX & NCDEX : INZ000185632 | Member Code: BSE – 6538, NSE – 14914, MCX – 56355 & NCDEX - 1289 | MERCHANT BANKER: INM000012227 | RESEARCH ANALYST: INH000002376 | INVESTMENT ADVISER: INA000007331 | AMFI ARN Code – 94338 | Details of Compliance Officer: Vaibhav Purohit | [email protected] | Contact No-022-33479208 | Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI / Exchanges prescribed limit. Past returns are based on back tested data as indicated above and such representations are not indicative of future results. The securities quoted are exemplary and are not recommendatory. YES SECURITIES is a wholly owned subsidiary of YES BANK.

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